SOLs price performance over the past 24 hours has been in line with that of the rest of the cryptocurrency market and remains largely in red. Lets check out some of the more important Solana ecosystem news.

Raydium launches Pump.Fun competitor

Raydium Solanas most popular decentralized exchange saw a surge in its tokens price after announcing the launch of its own meme coin launchpad a move that many took as a direct jab at the popular Pump.Fun.

This followed rumors that the latter was testing its very own automated market maker.

If the reports turn out true, LaunchLab the meme coin launchpad of Raydium is supposed to be an upgrade to Pump.Funs token-launching product with dynamic bonidng curves, support for multiple tokens and whatnot.

Pump.Fun strikes back

In its turn, Pump.Fun has launched PumpSwap a decentralized exchange which, by the looks of it, aims to compete for mindshare and market space with Raydium.

According to the original release, PumpSwap will also offer fee-free and instant token migrations, while also planning to introduce revenue sharing for creators later on. Whats the big deal for Raydium, you may ask?

Well, the way Pump.Fun was designed previously, tokens needed to reach a market cap of more than the meme-ish $69,000 and graduate to Raydium a process that costed 6 SOL. Now, they can list directly on PumpSwap without having to pay the fee. Note that 36% of Raydiums trading volume came from Pump.Fun launches.

The importance of ecosystem projects for Solana

If its not obvious by now, Pump.Fun has a huge influence on Solanas broader ecosystem. And to put this into perspective, consider this: Solanas network revenue and DEX volume plummeted by 97% in recent months.

This is solely because the hype around meme coins is fading following the scandals with LIBRA, MELANIA, and other sniped insider launches.

As reported by Matthe Haddad, this week, there was a full 24 hours-period without a single token graduating through Pump.Fun. To contrast this in January, the platform saw over 1.7M tokens launched every single day with roughly 1% of them graduating.

TRX expands to Solana

Justin Sun, the founder of Tron, hinted that there is a possibility of a potential TRX exchange-traded fund (ETF) in the making. At the time of this writing, theres nothing official.

This comes on the heels of TRXs recent integration into the ecosystem of Solanas blockchain, further improving its utility and potential reach.